Late fees in Detroit, MI
Hi, I have an argment with an investor friend and need some clarity also to be a just landlord. So, when I started I copied the template of a lease from a property manager. It stated $50 charged if rent received on the 6th and $75 charged if rent is received on the 11th. Most of my rents are between $600 - $700. I have looked this up. The law has no limit on late fees but must be reasonable. My friend says the late fee structure is unethical. But really I cannot find anything that can dispute this. Is this unreasonable, does anyone have any thoughts or advice on this.